根据基金合同，红利国企ETF（510720）月月评估分红。截至2025年11月，已经连续官宣分红19次。 感兴趣的投资者可以关注相关布局机会。 风险提示：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数/基金仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 今日，红利风格走强，红利国企ETF（510720）涨近1%。 进入四季度，沪指位于历史高位，资金止盈压力较大，叠加海外市场风险波动放大，权益风险偏好有所 回落。大盘震荡期，红利风格配置性价比凸显。 另外，四季度稳增长、促消费等政策有望密集落地，红利成分股多为经营稳定的龙头企业，分红确定性 强，且当前估值偏低、拥挤度低，在热门板块波动加剧时更具配置价值。 红利国企ETF（510720）跟踪上证国有企业红利指数，聚焦高股息央国企，近12个月股息率超4%，为 分红奠定了扎实的基础。 ...

Core Insights - The number and proportion of passive index funds being launched by fund companies are significantly higher than other types of funds as the year-end approaches, indicating a strategic shift in the market [1][2] - Despite strong performance, the share of actively managed equity funds is decreasing, leading to increased net redemption pressure on existing funds [1][2] Group 1: Fund Issuance Trends - As of November 5, 2023, a total of 1,333 new funds have been launched this year, surpassing previous years and nearing the 2022 total of 1,546 [2] - Equity and mixed funds account for over 50% of the new fund issuance, with equity funds making up 37.69%, the highest since 2020 [2] - The proportion of bond funds has sharply decreased from over 65% in the past three years to 41.13%, highlighting a "strong equity, weak bond" trend [2] Group 2: Performance of Passive Index Funds - In Q3, 361 new equity funds were established, with a total scale of 203.608 billion yuan, of which 258 were index equity funds, accounting for over 70% of the total issuance [2] - The total share of actively managed equity and mixed funds decreased by 230.961 billion yuan in Q3, indicating a shift in investor preference towards passive products [2] Group 3: Strategic Focus of Fund Companies - Fund companies are increasingly focusing on passive index products, with 44 new products awaiting issuance, half of which are passive index funds [3] - These new products include enhanced versions of major indices and thematic funds in popular sectors such as technology and renewable energy [3] - Market analysts suggest that while there may be profit-taking at year-end, the dividend strategy could benefit from lower competition and better valuation compared to the technology sector [3]

Group 1 - The latest dividend yield for Hwabao Fund is 5.18% [1] - The S&P China A-Share Dividend Opportunity Index is being tracked by the fund [1] - The fund has shown a year-to-date performance with a volatility of 11.54% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index is being tracked, with a one-year performance of 12.35% [2] - The annualized volatility for the A500 Low Volatility Dividend ETF is reported at 9.50% [2] - The fund focuses on large and mid-cap stocks with a low volatility dividend strategy [2] Group 3 - The Cash Flow ETF tracks the CSI 300 Free Cash Flow Index, excluding financials and real estate [3] - The one-month performance for the Cash Flow ETF is 1.44% with an annualized volatility of 9.77% [3] - The fund aims to invest in large-cap blue-chip companies characterized as "cash cows" [3] Group 4 - MACD golden cross signals have formed, indicating potential upward trends in certain stocks [4]

Group 1 - The latest dividend yield for Hwabao Fund is 5.18% as of November 6, 2025 [1] - The S&P China A-Share Dividend Opportunity Index is being tracked by the fund [1] - The annualized volatility for the index is reported at 11.54% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index shows a one-year return of 25.42% [2] - The annualized volatility for this index is 5.32% [2] - The A500 Low Volatility Dividend ETF has a one-year return of 6.42% [2] Group 3 - The Cash Flow ETF tracks the CSI 300 Free Cash Flow Index and has a one-month return of 0.18% [3] - The annualized volatility for the Cash Flow ETF is 9.77% [3] - The Shanghai Composite Index has shown a one-year return of 17.19% [3] Group 4 - MACD golden cross signals have formed, indicating positive momentum for certain stocks [4]

Group 1 - The latest dividend yield for the S&P Dividend ETF is 5.18% as of November 4, 2025 [1] - The Shanghai Composite Index has shown a year-to-date performance of -1.40% with an annualized volatility of 19.64% [1] - The Hong Kong Stock Connect Dividend ETF has a current dividend yield of 5.72% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index has a year-to-date performance of 0.42% and an annualized volatility of 27.32% [2] - The A500 Low Volatility Dividend ETF has shown a year-to-date performance of 4.73% with an annualized volatility of 9.80% [2] - The CSI 800 Low Volatility Dividend Index has a year-to-date performance of 5.19% and an annualized volatility of 10107% [2] Group 3 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [4]

Core Viewpoint - High dividend stocks continue to rise, with a focus on "high dividend + low valuation" large-cap blue-chip stocks in the value ETF (510030) [1][4] Group 1: Market Performance - As of November 4, 2025, the value ETF (510030) increased by 0.64% [1] - The 180 Value Index has outperformed major A-share indices since October, with a cumulative increase of 4.91% compared to the Shanghai Composite Index's 2.41% and the CSI 300 Index's 0.27% [1][3] - The banking sector is the largest weight in the 180 Value Index, accounting for 47.5% as of the end of October 2025 [4] Group 2: Banking Sector Insights - In the first three quarters of 2025, 42 A-share listed banks achieved a total operating income of 4.32 trillion CNY, a slight increase of 0.9% year-on-year [4] - The net profit for these banks reached 1.68 trillion CNY, reflecting a growth of 1.5% compared to the previous year [4] Group 3: Investment Strategy - The current market is characterized by a bull market consolidation phase, with a focus on "defensive + high dividend" strategies [6][7] - The 180 Value Index is currently at a relatively low price-to-book ratio of 0.84, indicating a favorable long-term investment opportunity [6] - The value ETF closely tracks the 180 Value Index, which includes high dividend and low valuation blue-chip stocks, providing defensive attributes in volatile markets [7]

Core Viewpoint - The Red Chip State-Owned Enterprise ETF (510720) rose by 1.60% on November 3, indicating a strong performance in the dividend sector amidst market fluctuations [1]. Market Trends and Investment Sentiment - As the fourth quarter begins, there is a fluctuating sentiment towards technology growth, with increased market volatility and a retreat in equity risk appetite, leading investors to adopt a more cautious approach and shift from aggressive to defensive strategies [3]. - The dividend index has a high resource weight, making it sensitive to the leading performance of coal and oil sectors, which continue to show relative strength [3]. Long-term Investment Strategies - The period from 2024 to 2025 is expected to see a significant acceleration in insurance capital acquisitions, with a high proportion of investments in Hong Kong stocks and high-dividend assets, reflecting a preference for low-risk, high-dividend investments due to liability duration matching [3]. - The new "National Nine Articles" policy enhances cash dividend regulation and incentives, alongside the implementation of state-owned enterprise market value management requirements, strengthening the logic for long-term valuation reconstruction [3]. - In the short term, the dividend style configuration offers high cost-performance during market fluctuations, while in the long term, the new policies encourage listed companies to distribute dividends, which benefits state-owned enterprises by stabilizing dividend expectations and enhancing investor returns [3]. Investment Recommendations - The new "National Nine Articles" combined with the decline in risk-free yields indicates a high allocation value for dividend assets. Continuous monitoring of the Red Chip State-Owned Enterprise ETF (510720) and cash flow ETF (159399) is recommended for their monthly dividend assessments [3].

月论高股息：配置性价比有所提升 20251102 摘要 市场风格转变：中美关系缓和导致市场风险偏好修复，资金从红利风格 转向成长风格，煤炭股行情也对红利指数产生影响。 投资策略建议：11 月建议均衡配置成长和价值风格，边际上更看好红利 风格，关注 TMT 板块仓位过高和价值风格低配的左侧布局机会。 险资红利策略配置：险资应战略性增持红利股，战术上灵活，优先考虑 DPS 稳定性而非单纯追求高股息率，筛选出 A 股 57 只、港股 48 只符 合标准的股票。 四季度建材行业推荐：推荐三路桥、兔宝宝、华新水泥和盛弘电气，这 些公司业绩增长超预期，分红比例提升，具备稳健增长潜力。 电改政策影响：电改政策利好调节性机组和新型储能，但可能导致电量 电价下跌，对新能源、火电和核电产生负面影响，区域分化显著。 工程机械板块趋势：国内二手机挖掘机出口竞争力提升，海外市场矿挖、 大挖领域取得突破，推荐三一重工，其次是徐工、中联重科与柳工。 中国石油业绩拐点：中国石油三季度业绩超预期，天然气业务成为主要 增长动力，四季度天然气利润预计占比更高，股息率超过 5%，具有吸 引力。 Q&A 如何评价 10 月份红利风格的表现及其驱动力？ ...

Group 1 - The core viewpoint of the news highlights the performance of the Zhongzheng Dividend Low Volatility 100 Index and its related ETF, indicating a positive trend in the market with specific stocks showing significant gains [2][3] - As of November 3, 2025, the Zhongzheng Dividend Low Volatility 100 Index increased by 0.55%, with notable stock performances including Tebian Electric Apparatus (up 5.41%) and China National Offshore Oil Corporation (up 4.61%) [2] - The Zhongzheng Dividend Low Volatility 100 ETF (159307) reported a price increase of 0.37%, reaching 1.09 yuan, and has shown a cumulative increase of 0.84% over the past two weeks [2] Group 2 - According to CITIC Securities, the banking sector's Q3 2025 financial reports show stable operating patterns, with revenue and net profit increasing by 0.9% and 1.5% year-on-year, respectively [2] - The report suggests that the banking sector's asset quality remains stable, and the revenue and profit growth rates are expected to continue improving throughout the year [2] - The report encourages institutional investors to actively position themselves in the banking sector, anticipating high certainty returns as the market approaches a long-term capital allocation period [2] Group 3 - The latest scale of the Zhongzheng Dividend Low Volatility 100 ETF reached 1.48 billion yuan, marking a one-year high, with the latest share count at 1.365 billion shares [3] - The ETF has experienced continuous net inflows over the past four days, with a peak single-day net inflow of 14.15 million yuan, totaling 23.90 million yuan in net inflows [3] - The Zhongzheng Dividend Low Volatility 100 Index selects 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [3]

Group 1: AIA Group (友邦保险) - AIA Group achieved new business value of USD 4.31 billion in the first three quarters of 2025, representing a year-on-year increase of 18% (fixed exchange rate) and 19.3% (actual exchange rate) [5] - The new business value for Q3 2025 alone saw a significant year-on-year growth of 27.1% [5] - Annualized new premiums reached USD 7.49 billion, up 10.9% year-on-year, with Q3 2025 showing a 15.3% increase [5] - Total weighted premium income was USD 35.85 billion, reflecting a 14.2% year-on-year growth, with Q3 2025 also showing a 15.6% increase [5] Group 2: Keda Manufacturing (科达制造) - Keda Manufacturing reported revenue of CNY 12.61 billion and net profit attributable to shareholders of CNY 1.15 billion for the first nine months of 2025, marking increases of 47.2% and 63.5% year-on-year, respectively [6] - In Q3 2025, the company achieved revenue of CNY 4.42 billion, with net profit attributable to shareholders reaching CNY 400 million, reflecting year-on-year growth of 43.9% and 62.6% [6] Group 3: SANY Heavy Industry (三一重工) - SANY Heavy Industry reported revenue of CNY 65.74 billion for the first three quarters of 2025, a year-on-year increase of 13.6%, with net profit attributable to shareholders growing by 46.6% to CNY 7.14 billion [7] - The company's gross margin improved to 27.6%, up 0.7 percentage points year-on-year, while the net margin increased to 11.0%, up 2.4 percentage points [7] Group 4: BYD Electronics (比亚迪电子) - BYD Electronics reported Q3 2025 revenue of CNY 42.68 billion, a year-on-year decrease of 2.0%, with gross profit declining by 20.0% to CNY 2.946 billion, resulting in a gross margin of 6.9% [10] - The decline in revenue and gross profit was attributed to changes in product mix, particularly delays in the delivery of high-margin products for North American clients [10] - Net profit for Q3 2025 decreased by 9.0% to CNY 1.407 billion [10] Group 5: TAL Education Group (好未来) - TAL Education Group reported revenue of USD 861 million for FY26 Q2, representing a year-on-year increase of 39.1%, with net profit attributable to shareholders rising by 116.1% to USD 124 million [11] - The company's Non-GAAP net profit reached USD 136 million, up 82.7% year-on-year, indicating strong growth in both learning services and learning equipment revenue [11] Group 6: Wuliangye Yibin (五粮液) - Wuliangye Yibin's total revenue for the first three quarters of 2025 was CNY 60.945 billion, down 10.26% year-on-year, with net profit attributable to shareholders declining by 13.72% to CNY 21.511 billion [12] - In Q3 2025, total revenue fell sharply by 52.66% to CNY 8.174 billion, with net profit down 65.62% to CNY 2.019 billion [12] Group 7: BGI Genomics (华大智造) - BGI Genomics reported revenue of CNY 1.869 billion for the first three quarters of 2025, a slight decrease of 0.01%, while net loss attributable to shareholders improved by 74.20% to CNY 120 million [13] - In Q3 2025, revenue increased by 14.45% to CNY 755 million, with a significant reduction in net loss by 90.31% to CNY 16 million [13]